Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Financial Cards and Payments in Saudi Arabia

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Executive Summary

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Saudization continues to have a significant impact

The execution of Vision 2030 led to Saudization in most sectors in the Kingdom, leading to the departure of a huge number of expatriates; also boosted by the new dependent visa fees for expatriates. Following this came the implementation of VAT, which was introduced at the beginning of 2018 on most commodities and services across the Kingdom, increasing the burden on the budgets of both expatriates and Saudis.

Digitalisation is transforming the financial industry

Huge investments are being made in digital technology in order to transform the financial industry. Consumers now are more digitalised and technology-oriented.

Al Rajhi Bank continued to be the strongest bank in financial cards in Saudi Arabia in 2018. Al Rajhi Bank is significant in terms of cards in circulation in the Kingdom, despite facing major competition from several other banks, thanks to its launch of new and innovative services that appeal to its mass customer base, from credit cards to debit cards and pre-paid cards.

Debit and credit cards dominate in the Kingdom

As credit cards and debit cards dominated financial cards in Saudi Arabia in 2018, they leave no opportunities for other financial cards, such as charge cards and pre-paid cards, to gain a strong position in the country, as a result of the strong competition. Each year both debit and credit cards add more competitive services and exclusive privileges, which makes it even harder for charge cards and pre-paid cards to step up and attract more customers; on the contrary, charge cards is losing customers to these strong financial cards.

Charge cards is expected to decline over the forecast period

As charge cards continues to face strong competition from credit cards and debit cards, it is expected that charge cards will continue to decline over the forecast period. The number of charge cards in circulation is declining significantly due to the clear loss of interest in such cards, as customers prefer to hold more versatile cards with better financial options and enjoy the exclusive privileges which these cards offer.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Saudi Arabia with research from Euromonitor's team of in-country analysts.